First ‘e-bike’ vehicle launched by Finance Yorkshire-backed battery firm

BATTERY technology firm Faradion have manufactured a “world first” with the development of a sodium-ion powered vehicle.

The Sheffield-based R&D firm has received several rounds of funding from Finance Yorkshire and is developing low cost, sodium-ion battery technology capable of reducing the cost of renewable energy storage.

The firm demonstrated an e-bike vehicle, the development of which was supported by Oxford University and Williams Advanced Engineering.

Finance Yorkshire’s Seedcorn fund kickstarted the company in 2011, with a five-figure sum, so that Faradion could develop high-capacity batteries to make electrical vehicles more practical.

Faradion chairman Chris Wright said: “The development of a sodium-ion powered e-bike was a major milestone for our pioneering technology, and demonstrated its capability. Sodium-ion batteries have the potential to revolutionise the supply of electric batteries for stationary storage and automotive applications.
“Finance Yorkshire’s investments have enabled us to further develop our technology as well as scale up production of our next-generation battery materials. Future users of our technology will be able to secure high quality materials in commercial volumes at competitive prices.”

Investment director at Finance Yorkshire, Ashwin Kumaraswamy said: “We are proud to be the founding investors in Faradion and we have made subsequent investments because the business is a true trailblazer in this type of battery technology, not only in the UK but globally.

“Since our most recent investment, the business has ramped up its development considerably, not least with the demonstration of the e-bike and exposure on the national news. With various patents pending and advanced technology applicable to both power and energy applications, Faradion is in a perfect position for real success.”